$300 million lost to "stablecoin investment" scams in the US, Mexico, and elsewhere.

Over 1,200 investors in Mexico and the United States have lost funds due to a cryptocurrency fraud related to the DeFi platform TerraBlock, with authorities estimating losses exceeding $300 million, causing significant damage to families and businesses.

The plan promised returns of 7% to 15% by investing in USDC stablecoin. Investors could access their accounts and verify earnings through a mobile app available on the Apple App Store and Google Play.

TerraBlock, Over 1,200 North American Victims

TerraBlock began promoting a highly profitable stablecoin investment plan in 2019. In August 2021, TerraBlock suddenly suspended operations due to an unexplained "technical interruption".

Shortly after, the founders disappeared, and investors lost all access to their funds.

After a large-scale protest in front of the Baja California Prosecutor's Office, police arrested a woman named Monica "N" in La Paz, who is accused of conspiracy to commit fraud.

Authorities are conducting an investigation into Javier Elenes and several accomplices through joint efforts between Mexico and the United States.

One victim told local media that the company used algorithms to generate trading profits and encouraged investors to recruit others.

Meanwhile, withdrawals were only allowed on specific dates, and high fees were charged for converting cryptocurrencies to pesos or dollars.

Legal proceedings are ongoing through international cooperation, but experts warn that recovering lost funds could take years.

"Some have lost their life savings, gone bankrupt, had their homes mortgaged... Some have even taken their own lives out of desperation from this fraud," said another victim.

How to Avoid Similar Cryptocurrency Scams

Financial authorities recommend thoroughly investigating investment platforms. Verify legal registration, management, and mentions in reliable media.

Avoid platforms promising fixed or abnormally high returns. The cryptocurrency market is highly volatile.

Most importantly, be cautious of "limited time" offers or recommendations from acquaintances. They may also be victims of social engineering.

Keep personal keys secure, and if fraud is suspected, immediately stop transactions and collect evidence for law enforcement.

Cybersecurity education and following official warnings are essential in reducing risks in the cryptocurrency ecosystem.